The real estate market in Canada varies from city to city and province to province. What real estate in North Vancouver is worth could be different than what real estate in Toronto is worth. Pick out any two cities or any two provinces in Canada to compare their respective real estate markets and you'll come to find pretty quickly just how different they are. If one were to start examining central Toronto real estate prices to those in a smaller city but still in the same province, like the city of Sarnia, one would notice the huge price differences.
Be it curiosity, you need real estate pricing information to aid you in your mortgage decision or you're thinking about moving from one province to another and want to know how real estate by province varies from one to the next you'll find that information right here. The provinces that tend to get compared side to side the most are Ontario and British Columbia and a couple of hotspots for each province include Georgian Bay Islands and Vancouver condos, respectively. By taking at look at the most recent stats provided by the Canadian Real Estate Association we come to find that the average price of real estate in British Columbia for August of 2012 was $491,145. In Ontario the average price of real estate for the same time period was $366,797. That's a difference of $124,348!
That's a huge disparity between provinces and goes to show you just how much more expensive real estate is in British Columbia than Ontario, which is something to consider if you're selling Chatham real estate and considering a move from Ontario to British Columbia. An interesting side note between Ontario and British Columbia is that the real estate prices in Ontario actually went up the past year while British Columbia saw a decline in prices of their real estate prices.
What about other Canadian provinces and territories? Let's take a look at their August 12, 2012 average sales prices as well (from lowest to highest):
-Prince Edward Island: $145,586
-New Brunswick: $161,080
-Nova Scotia: $208,749
-Newfoundland & Labrador: $262,436
-Northwest Territories: $433,300
When you take every province and territory into account, including British Columbia and Ontario, we see that British Columbia, far and away, has the highest average real estate prices in the entire country. The lowest real estate prices in Canada can be found in Prince Edward Island. If you were to sell a home in British Columbia at an average price you would be able to buy three average priced homes in New Brunswick and still have just under $55,000 in profit! Don't for one minute think that PEI has nothing to offer and that is reflected in the real estate prices. One visit to Tourism PEI will show you all the province has to offer!
Whether you're getting ready to browse the Thunder Bay, Ontario or Surrey BC real estate listings having this information at your dispersal will help you out immensely once you're ready to start your Canadian home buying search!